- While U.S. stocks rose sharply, Ethereum and Bitcoin remained steady.
- Long-term options point to a possible rally by year’s conclusion.
- Repayments from Mt. Gox might make Q3 for Bitcoin cautious.
Mixed signs are seen in the Q3 price estimate for bitcoin. Despite the optimism in the US economy, Bitcoin remains above $60,000. Options point to a year-end rebound, but recent 4.77% decline and worries about Mt. Gox add to the caution.
The moment Powell said that the US economy is on its way toward deflation, the US stock market shot to all-time highs. Bitcoin and Ethereum, which are currently trading at little over $60,000 and $3,300, respectively, don’t appear to be affected by this confidence.
U.S. Stock Market Hits New Heights Following Powell’s Remark
Despite the sell-off, there is still a lot of hope for a year-end rally in the options market, which is still strongly biased towards the topside. Considerable purchasing interest in longer-term options at $100,000 and $120,000 strikes supports this.
Because of the market’s continued caution on the supply implications of the Mt. Gox release, this could result in a quiet Q3 for Bitcoin.
According to Charles Edward, the founder of the digital asset hedge firm Capriole Investments, the repayment procedures of creditors could have been the starting point for Mt. Gox. Data showed a significant shift in the volume of Bitcoin on-chain, 10 times more than at the previous peak.
Q3 Forecast for Bitcoin Prices: Market Wary of Mt. Gox Release
A weekly coupon rate of 15% p.a. is available if BTC/USD fixes over $58,000, according to QCP, a trading idea for investors hoping to get a 15% yearly income on BTC with the underlying coin maturity due on September 27, 2024.
The protection is set at $80,000, and the strike price is used at $70,000. Bitcoin will only convert to US dollars at the $70,000 strike if the spot price remains above $80,000 at expiration. According to CoinMarketCap data, BTC just had a 24-hour decline of 4.77%, dropping below $60,000 USDT.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
